News Summary: EU officials mull even greater unity

Updated at: 12/06/2012 4:05 PM
By The Associated Press

GETTING COZY: Four top European Union officials unveiled a report calling for a closer financial union that will clash with some member states’ cherished national interests.

DETAILS, DETAILS: The report, which was vague on details, suggested the system would evolve out of Europe’s current financial backstops, which include a bailout fund, a nascent banking supervisor and budget checks.

IT’S A START: The report will be used as a starting point for debate at next week’s summit of EU government leaders as they seek a way out of the financial crisis by further increasing control over banks and National budgets.

(Copyright 2012 by The Associated Press. All Rights Reserved.)